US authorities are investigating Royal Bank of Scotland for possible violations of sanctions with Iran, the Financial Times reports.Outside of maybe the "defense industry" no other industry can so often and so blatantly flout the law and get away with a light tap on the wrist. In the case of the much larger banking crisis, they didn't even have to pay back the bogus bonus money they had received for years.
The Federal Reserve and department of justice are conducting the investigation, the paper said, citing several people close to the situation. The investigation comes after the British bank volunteered information to US and UK regulators 18 months ago, the Financial Times said.
Ed Canaday, a spokesman for RBS, declined comment.
But in its quarterly report filed on 8 August, RBS said it had "initiated discussions with UK and US authorities to discuss its historical compliance with applicable laws and regulations, including US economic sanctions regulations". The bank said it could not predict the outcome of those discussions.
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RBS the latest bank under investigation for business with Iran
Doing deals with Iran is nothing compared to the trillions they blew away during the peak of the banking crisis or even the Libor ripoff. That said, this is an industry that thumbs its nose at the law because it is the law. The banking industry can rest comfortably knowing that it's easy enough to write a few checks to pay a few fines and nobody will bother them tomorrow. The Guardian: